Preparing new FinTech players for Open Banking regulation and standards



Seen Tarbi for Fintech (Xsquare) is a new market entrant seeking to establish itself in the growing KSA open banking ecosystem. Seen Tarbi aims to provide the financial services ecosystem with an easy way to integrate payment and financial data into apps, fueling the next generation of FinTech use cases. After the Saudi Central Bank completed the design of its open banking framework in 2022, the bank called on FinTechs, banks and open banking consulting firms to test the standards.




Seen Tarbi’s objective was to gain approval from the regulator for their participation in the Open Banking Lab, a technical testing environment provided by SAMA for players to test the standards and ensure conformity with the framework. To do this, Seen Tarbi proposed to build a sandbox with KSA-compliant APIs. Seen Tarbi explored Open Bank Project features and ascertained that they supported KAS requirements, including hosting in a local data centre and providing additional functionality beyond the regulatory scope.

Seen Tarbi selected Open Bank Project technology to power its open banking platform, catering to banks, merchants and payment service providers and enabling them to test the Saudi framework.


TESOBE deployed an OBP sandbox and a developer portal instance, and customised both according to Seen Tarbi branding guidelines. After generating semi localised test data to reflect the landscape, TESOBE performed a swift integration to enable Xsquare to qualify for the testing pool on time. In addition to providing a sandbox environment, TESOBE performed an analysis of the Saudi Open Banking framework and provided feedback on the KSA standard, APIs, selected use cases and business rules.


After successfully deploying the Seen Tarbi API sandbox, Seen Tarbi for Financial Technology is now registered in the Saudi Central Bank’s Open Banking Program and is ready to provide open banking services to banks, FinTechs, and merchants. After months of testing, SAMA published its Open Banking Framework on 2nd November 2022, including a set of legislation, regulatory guidelines and technical standards. The KSA open banking programme is part of a wider Saudi Vision 2030 FinTech strategy which aims to make Saudi Arabia a global financial technology hub. Seen Tarbi aims to use OBP to provide key services to multiple players in the market, supporting the evolution of the local open banking ecosystem.


We’re really excited for the opportunity to help shape the future of finance in Saudi Arabia. With OBP technology powering our platform, we’re confident we can accelerate innovation for banks, merchants and payment providers in the region. We’re happy with the TESOBE team’s support for the project and we look forward to a fruitful collaboration

Dr Adnan M. Albar,

Dr Adnan M. Albar

CEO of Seen Tarbi for Fintech


Our contribution to financial inclusion is really to provide a best-of-breed open source API platform, applications and tools which allows companies large and small to innovate on behalf of the public in a secure and cost-effective manner.

As an end user, you have the confidence that the software you use can be inspected by independent experts and by yourself if you so wish.

Simon Redfern

Simon Redfern

CEO of TESOBE and Founder of the Open Bank Project


For more information on the Open Bank Project, or to comply with local regulation, please contact us at:  @OpenBankProject | | +49 (0)30 8145 3994

About TESOBE and the Open Bank Project

TESOBE GmbH is an independent company founded in Germany that assists banks in executing effective API strategies. The Open Bank Project started life in 2010 with the vision of enabling all banks to benefit from open innovation, open APIs, and wider access to fintech startups. It quickly scaled into the leading open-source API solution for financial institutions, spanning over 500 banking-specific APIs supported by 11,000 fintech developers worldwide with over 100 global banking customers.

About Seen Tarbi for Fintech

Seen Tarbi for Fintech is an open banking platform driving the shift from card to bank payments, with best-in-class coverage for open banking payment initiation, data access and compliance in Saudi Arabia.